Starting a business can be one of the most exciting times of your life. Sure, it can be a little stressful but most of the time you will undoubtedly experience a thrill that can be hard to explain at dinner parties but gives you the rush to keep everything on your ‘to-do’ list moving.
Running your business comes with many decisions that you will need to make and chances are you will need an easy and reliable way to invoice your customers and/or clients. Offering a trustworthy payment method makes using your business that much easier for your customers, so it’s important to get it right.
If the above description has hit the nail on the head, then you don’t need to look much further than PayPal. PayPal is quick, provides lots of online tools, is trusted and most importantly- it’s available anywhere you have access to WIFI. PayPal has come a long way in recent years and is not just used for safely purchasing items of eBay – contrary to popular belief.
Follow the below guide to learn just how easy it is to set up a PayPal account for your business.
Step 1: Create your PayPal account
Setting up your PayPal account is quick and easy. It’s free to sign up, it doesn’t matter which account you select. PayPal generally runs by accepting commissions for all payments you receive as well as currency conversion fees.
Step 2 – Start your Application
To continue with the set-up of your PayPal account, PayPal asked for quite a few details to verify your business and the individuals associated with it. There is nothing to worry about here, it is just one of the many ways PayPal can keep to their commitment of providing a safe place for transactions – for all parties involved.
The below are the type of details you need to provide and have ready to create your Paypal Account (PayPal may at times require further details):
- Your address
- Your full name
- Your email address
- Your phone numbers
- The address of your primary place of business and registered office (if applicable).
- How your business is structured (e.g. sole trader, proprietary company, etc).
- The Website Address or Facebook Web Address
- ABN and/or ACN
- Legal business name and trading name (if applicable)
Business contacts details:
- Names of any applicable business contacts (e.g. company directors, chairpersons, treasurer, secretary, etc).
- Names and addresses for any beneficial owners.
- Names, addresses and dates of birth for any partners.
- Name, address and date of birth of the primary authorised user of the account
If you’re applying on behalf of a trust, PayPal will also need:
- Trust name and type
- Details of the trust beneficiaries.
- A copy of the trust deed. (PayPal will ask for this once your application has been accepted)
Your PayPal account has been successfully created.
Once you have completed the above mentioned steps, you can use your account straight away and this means you can begin immediately customising your PayPal payment preferences.
How do you want to receive payments?
PayPal has several options to choose from. You can choose one, or you choose them all. Choosing the right method will open up features that will most suit the type of business activities you will be conducting. PayPal is also very helpful and point you to the option/s that suit you most and you can always change your preferences at any time if your business circumstances change.
The options include:
- On your website
- With online invoicing
- On eBay
- In person
To finalise your set-up there are some more things you need to do but are all quite simple and easy to manage with a little bit of quiet time and a cup of tea at hand. You don’t need to do them all at once but it is good to get them out of the way so you don’t need to worry about it later on.
Things to note to finalise your business set-up:
- You will need to confirm your email address – head over to your inbox and click the provided link. If there is no email there, check your Spam Folder (You will need to confirm this before you can accept payments).
- Link your bank accounts – link your bank account so your PayPal account knows where to send money when you wish to withdraw or make payments.
- PayPal may initially limit the amount of money you can transfer from your PayPal account until you’ve verified your linked bank account or credit card, so it’s a good idea to do this as soon as you can.
- Make your business name clear for customers. In your account set up, you can add your logo as well name your PayPal account that your customers will recognise on their bank statements as well as in their email invoices.
Setting up your PayPal may be a daunting concept but it really is a simple process that’s very much worthwhile. It’s important to remember that PayPal is a big enterprise and is trusted by millions of people all over the world so there are lots of resources and help available if you need it.